350 Alberta Dr - Medical FOR SALE


Amherst, NY 14226
$2,500,000 USD
716-884-4437
350 Alberta Dr, Amherst, NY for Sale
$2,500,000 USD
Medical - FOR SALE
1/5
null | 3.46% Cap Rate

350 Alberta Dr
Amherst, NY 14226


HIGHLIGHTS

  • 18 suite medical office building with 165 parking spaces
  • 68% occupancy
  • Substantial upside filling vacant space and raising lease rates to market
  • Adjacent to Sheridan Drive retail corridor
  • Site is suitable for redevelopment to retail or residential use
  • Amherst is home to many medical office users

OVERVIEW

Two-story medical office building on Alberta Drive in the town of Amherst. There are 18 office suites that open off a large interior atrium, a parking lot surrounds the building with 165 parking spaces. The rear building entrance has a ramp, and an interior handicap elevator serves both floors. The leases average $15 per sq. ft. gross; the utilities are included in the rent and there are no common area charges or tenant reimbursements for building taxes and insurance. This is below market, the building is 32% vacant, and there is considerable upside in filling the vacant space and raising the lease rates. The property is owner managed and rented. The location, over two acres, just one block north of Sheridan Drive in Amherst is suitable for conversion to other office uses or multifamily or retail use.

FOR SALE DETAILS

PRICE

$2,500,000 USD

PRICE/SF

$111 USD /SF

CAP RATE

3.46%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Northtown Medical Building

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1966

SPRINKLERS

-

PARKING SPACES

165

LAND DETAILS

LAND ACRES

2.2 AC

LAND SF

95,832 SF

ZONING

-

APN/PARCEL ID

142289-067-060-0001-014-000

ASK ABOUT THIS PROPERTY

Brian HeineBrian Heine - Licensed Real Estate BrokerMore Info
716-884-4437

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Brian HeineBrian Heine - Licensed Real Estate BrokerMore Info
716-884-4437

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.